Reply on Export Promotion Scheme!

The Government of India has launched a scheme namely, Trade Infrastructure for Export Scheme (TIES) from FY 2017-18 with the objective to assist Central and State Government Agencies for creation of appropriate infrastructure for growth of exports from the States. The Scheme provides financial assistance in the form of grant-in-aid to Central/State Government owned agencies for setting up or for up-gradation of export infrastructure as per the guidelines of the Scheme.

The scheme can be availed by the States through their Implementing Agencies, for infrastructure projects with overwhelming export linkages like the Border Haats, Land customs stations, quality testing and certification labs, cold chains, trade promotion centres, dry ports, export warehousing and packaging, SEZs and ports/airports cargo terminuses. The Scheme guidelines are available at http://commerce.gov.in.

Union to formulate Retail Policy

The ‘National Retail Trade Policy (NRTP)’ is under formulation in this Department. Comprehensive stakeholder consultations in all the States through FICCI, CII, ASSOCHAM, PHDCCI and other trade and commerce associations were conducted to get feedback on the needs and demands of the small traders.

A video conference of Minister of Commerce and Industry with representatives of Industry Associations, Export Organizations and Traders Organizations was held on 18.02.2019, attended by more than 10,000 participants from a total of 42 NIC Centers and 29 other locations across the country.

Robust gold demand by central bank

Recently, the World Gold Council (WGC) releases the report, ‘The 2019 Central Bank Gold Reserves (CBGR) survey’. The report points to continued robust central bank demand for gold in the short and medium term. 11% of emerging market and developing economy (EMDE) central banks surveyed say they intend to increase their gold reserves over the next 12 months. This is similar to last year’s purchases, when 12% of the world’s 155 EMDE central banks bought gold.

This gave rise to 651 tonnes of central bank gold demand, the highest level on record under the current international monetary system. The planned purchases are being driven by higher economic risks in reserve currencies. In the medium term, central banks see changes in the international monetary system, with a greater role for the Chinese renminbi and gold.

Mercedes Mine 2Q report announced

Premier Gold Mines Limited announced its second quarter production results for 2019. Focussing on Mercedes Mine, Mexico 2Q says a total of 15,532 ounces of gold and 56,522 ounces of silver were produced from Mercedes during the second quarter of 2019 with mine production year to date coming predominantly from the Diluvio, Rey de Oro and Lupita zones.

Sarine update on 2Q 2019

Sarine Technologies Ltd updates its investing public as to the Group’s revenues and profitability for Q2 2019 & said, In our Q1 2019 results, we noted that the prevailing negatives in the diamond industry midstream, which impaired our results in the latter part of 2018, had persisted into FY2019 with negative impact on the Group's financial results.

During Q2 2019 our midstream customers continued to experience working capital issues due to credit tightening policies implemented by Indian banks, the uncertainties caused by the advent of lab-grown diamonds (LGD) in the market remained and the ongoing trade disputes between the U.S. and China still dampened the critically important Chinese market.

IGC 2019 scheduled

The International Gemmological Conference, IGC2019 will take place in the beautiful city of Nantes (France), with probably about 100 attendees expected. Prof. Emmanuel Fritsch, Conference chair said: “We hope that will make this 36th edition of IGC a great success. Our goal is to gather in Nantes (France) from 27-31 August 2019, the most renowned international experts together with students and researchers who share interest in gems and Jewerly.”

According to the announcement, a broad range of topics will be covered, including, but not limited to: 1) Synthetic and natural diamonds, 2) Color stones and pearls, 3) Gem treatments, 4) localities, geology and genesis of gemstones & 5) physics and chemistry of gem materials.

NPAs declined on 4R

As per inputs received from Reserve Bank of India (RBI), as on 31.3.2019, there were 1,938 unique borrowers with funded amount outstanding (FAO) of more than Rs. 25 crore who had defaulted on their loans. Regarding the list of such borrowers, RBI has apprised that under the provisions of section 45E of the Reserve Bank of India Act, 1934, RBI is prohibited from disclosing credit information. Section 45E provides that credit information submitted by a bank shall be treated as confidential and not be published or otherwise disclosed.

Initiatives under BIS Act, 2016

Review of Bureau of Indian Standards (BIS) activities by the Department of Consumer Affairs is a continuous process and such reviews are carried out through Review Meetings, Management Control Report (MCR) etc. From time to time directions are issued to BIS by the Department of Consumer Affairs to achieve targets related to core activities and to take action for improvement in the areas where such improvement is required.

Some of the important initiatives taken for effective implementation of the BIS Act, 2016 are:

1. Notification  of  new  BIS  (Hallmarking)  Regulations,  2018  under  the  Act.  The Central Government has also notified, Gold jewellery and gold artefacts and Silver jewellery and silver artefacts, to be marked with Hallmark.

CIBJO advocates SMEs

Speaking at a meeting of the World Business Council for Sustainable Development (WBCSD), which took place during the United Nation’s 2019 High-Level Political Forum on Sustainable Development in New York, CIBJO President Gaetano Cavalieri has advocated for the position of small and medium-sized enterprises. Sustainable economies rely on the contribution of SMEs, he said, but too often they find themselves operating at a severe disadvantage when compared to larger companies.

The High-level Political Forum on Sustainable Development (HLPF), which currently is underway at UN headquarters in New York, is the international body’s main platform for monitoring follow-up on the actions of states and other actors towards the Sustainable Development Goals (SDGs).

47.61 carats diamond unearthed!

The mining and processing plant (GOK) of V. Griba AGD Dimonds JSC mined a diamond of gem-quality with a mass of 47.61 carats. Diamond is extremely rare deep lemon hue belongs to the crystal series of class High End. Industry experts note its extremely correct form, impeccable cleanliness and lack of technological flaws.

Innovative advanced mining technologies and gentle processing with enrichment using the XRT system allow AGD Dymonds to mine large high-quality crystals without damage, which leads to the maintenance of stable demand for diamonds from the Yu. V. Griba in world markets. Surely the largest jewelry houses will show great interest in the exclusive crystal.